Facebook shares jump 4-month high to over 8%

November 27, 2012 11:45 IST

Shares of Social Networking giant Facebook jumped by more than 8 per cent to close at nearly $26 per share on Monday -- the highest price the stock has seen since the summer -- on news of multiple analyst upgrades.

Facebook shares rose $1.94 to close at $25.94 per share.

The movement marks the latest potential for Facebook to emerge as a steady-growing business in the wake of a tepid initial public offering response and growth concerns.

The round of optimism comes from BTIG analyst Richard Greenfield and Bernstein Research analyst Carlos Kirjner.

Greenfield forecasts Facebook's revenue is poised to boom in the fourth quarter because more ads are appearing in the mobile news feeds on its application.